IT major Wipro and diversified group Siemens will exit the National Stock Exchange's (NSE) benchmark index Nifty from Monday.
The two stocks will be replaced by private sector lender IndusInd Bank and state-run mining giant NMDC in the 50-share benchmark index of the NSE, as per an exchange circular.
Nifty is managed by India Index Services & Products Ltd, an NSE-Crisil joint venture, which has decided to drop Wipro and Siemens as part of its periodic index review exercise.
Wipro is undertaking a business restructuring exercise, which includes hiving off its non-IT businesses into a separate unit.
In November last year, the Wipro board approved demerger of the non-IT businesses — Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product & Services —— into a privately held company to be named 'Wipro Enterprises Ltd'.
While Wipro Ltd will continue to remain a publicly listed company with exclusive focus on IT business, Wipro Enterprises would be an unlisted company.